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SoftBank to halt Sprint's T-Mobile merger talks, Nikkei says
01 November 2017, 12:12 | Deanna Wagner
T-Mobile may need a little self-confidence boost, because it looks like Sprint is leaving it at the altar.
Deutsche Telekom AG and SoftBank have outstretched a stand-off to their talks for merging T-mobile US Inc and Sprint Corporation on how many shares each one of them would hold in the amalgamation, a told by people known with the matter to Reuters.
Meanwhile, several members of SoftBank's board have raised concerns about giving up control of the United States wireless business, another person said. This time around, per a report by Japan's Nikkei, Son's SoftBank became concerned it would lose control should T-Mobile tmus take over Sprint. Bloomberg reported that deal talks have "hit a serious snag".
Sprint shares sank 9.5 percent in NY trading, while T-Mobile fell 5.5 percent.
The Nikkei Shimbun on Monday reported that SoftBank would propose ending the talks as early as yesterday, citing the concerns about control of the combined entity.
Several SoftBank directors raised strategic concerns in the Friday meeting about not owning or controlling a wireless network in the USA, though it wasn't clear whether the board had made a decision to call off the talks, a person familiar with the matter told Bloomberg News on Monday. Sprint, T-Mobile and SoftBank representatives didn't immediately reply to requests for comment. A similar deal was canceled over regulator concerns back in 2014.
Deutsche Telekom and T-Mobile declined to comment.
Deutsche Telekom, based on Bonn, Germany, has maintained throughout the talks this year with SoftBank that it should maintain control of the combined company.
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